Two Sigma Investments, LP

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed

This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
CHICAGO BOARD OF TRADE
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
08/22/2016
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
CBOT 16-0384-BC
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Futures - Commodity
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
ON FEBRUARY 22 AND 23 2016, FUNDS MANAGED BY TWO SIGMA INVESTMENTS, LP ("TSI") AND ITS AFFILIATE HELD AGGREGATED WHEAT FUTURES
POSITIONS IN EXCESS OF THE STANDARD ALL MONTH LIMIT UNDER CHICAGO BOARD OF TRADE RULE 562.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):
03/30/2017
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 25,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution

 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
MONETARY PENALTY ORDERED OF $25,000 WHICH WAS PAID ON MARCH 30, 2017
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON FEBRUARY 22 AND 23 2016, FUNDS MANAGED BY TSI AND ITS AFFILIATE, HELD AGGREGATED WHEAT FUTURES POSITIONS IN EXCESS OF THE
STANDARD ALL MONTH LIMIT UNDER CHICAGO BOARD OF TRADE RULE 562. ON MARCH 28, 2017, A PANEL OF THE CHICAGO BOARD OF TRADE'S
BUSINESS CONDUCT COMMITTEE ACCEPTED TSI'S OFFER OF SETTLEMENT PURSUANT TO WHICH TSI AGREED TO PAY A FINE IN THE AMOUNT OF
$25,000 WHILE NEITHER ADMITTING NOR DENYING ANY RULE VIOLATION.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
THE SECURITIES AND EXCHANGE COMMISSION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CEASE AND DESIST; CENSURE
3.
Date Initiated (MM/DD/YYYY): 
01/16/2025
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
RELEASE NO. 2025-15
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
PRIVATE FUNDS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE SEC ORDER ALLEGED THAT TWO SIGMA INVESTMENTS, LP ("TWO SIGMA") FAILED TO EXERCISE REASONABLE CARE IN ADDRESSING KNOWN
MATERIAL VULNERABILITIES TO A SUBSET OF ITS COMPUTER-BASED ALGORITHMIC INVESTMENT MODELS IN BREACH OF ITS FIDUCIARY DUTY OF CARE,
HAD DEFICIENCIES IN ITS WRITTEN COMPLIANCE POLICIES AND PROCEDURES, AND FAILED TO REASONABLY SUPERVISE ONE OF ITS MODELERS WHO
INTENTIONALLY VIOLATED TWO SIGMA'S POLICIES. SEPARATELY, THE ORDER ALLEGED THAT TWO SIGMA VIOLATED THE SEC'S WHISTLEBLOWER
PROTECTION RULE.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
01/16/2025
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 45,000,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
MONETARY PENALTY ORDERED OF $45,000,000.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response

must fit within the space provided).
ON JANUARY 16, 2025, THE SECURITIES AND EXCHANGE COMMISSION ("SEC") ENTERED AN ORDER INSTITUTING ADMINISTRATIVE AND CEASE-AND-
DESIST PROCEEDINGS (THE "SEC ORDER") AGAINST TWO SIGMA INVESTMENTS, LP AND TWO SIGMA ADVISERS, LP (COLLECTIVELY, "TWO SIGMA")
PURSUANT TO SECTION 21C OF THE SECURITIES EXCHANGE ACT OF 1934 (THE "EXCHANGE ACT") AND SECTIONS 203(E) AND 203(K) OF THE
INVESTMENT ADVISERS ACT OF 1940 (THE "ADVISERS ACT"). TWO SIGMA CONSENTED TO THE SEC ORDER WITHOUT ADMITTING OR DENYING THE
FINDINGS THEREIN. THE SEC ORDER ALLEGES THAT TWO SIGMA FAILED TO EXERCISE REASONABLE CARE IN ADDRESSING KNOWN MATERIAL
VULNERABILITIES TO A SUBSET OF ITS COMPUTER-BASED ALGORITHMIC INVESTMENT MODELS IN BREACH OF ITS FIDUCIARY DUTY OF CARE, HAD
DEFICIENCIES IN ITS WRITTEN COMPLIANCE POLICIES AND PROCEDURES, AND FAILED TO REASONABLY SUPERVISE ONE OF ITS MODELERS WHO
INTENTIONALLY VIOLATED TWO SIGMA'S POLICIES. SEPARATELY, THE ORDER ALLEGED THAT TWO SIGMA VIOLATED THE SEC'S WHISTLEBLOWER
PROTECTION RULE. THE SEC ORDERED THAT TWO SIGMA CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS AND ANY FUTURE
VIOLATIONS OF RULE 21F-17(A) UNDER THE EXCHANGE ACT AND SECTIONS 206(2) AND 206(4) OF THE ADVISERS ACT AND RULE 206(4)-7
PROMULGATED THEREUNDER. ADDITIONALLY, THE SEC ORDERED THAT TWO SIGMA BE CENSURED AND EACH OF TWO SIGMA INVESTMENTS, LP AND
TWO SIGMA ADVISERS, LP PAY A CIVIL MONEY PENALTY OF $45,000,000 TO THE SEC WITHIN 10 DAYS OF THE ENTRY OF THE ORDER.